Los Angeles CA, April 5 (Tangible Investments) – by James O’Dell – Gold and Silver prices turned lower in early trading on Wednesday, with Gold down 0.53 percent to $1,249.00 an ounce on profit taking as it consolidates below its 200 day moving average after gaining $2.70 or 0.22 percent on Tuesday to close at $1,255.70 an ounce.

Silver is down 0.19 percent to $18.24 an ounce after adding $0.04 or 0.22 percent on Tuesday to close at $18.28 an ounce. The Gold/Silver ratio inched lower to 68.69. Platinum is up 0.10 percent to $956.00 an ounce. Palladium is up 0.50 percent to $805.00.

Gold 200 Day Moving Average

Gold held steady in early trading on Wednesday after failing again to breach and close above its 200-day moving average. The precious metal set a fresh 5-week high on Tuesday yet failed to break its 200-day MA three times now.

“This marks its third failure to break this level this year…. What is becoming clear is that Gold’s direction is being set by the general U.S. dollar direction and not by Gold in isolation,” said Jeffrey Halley, of OANDA.

“The failed consolidation above the 200 DMA has no doubt hit investor confidence; however, we do still continue to see solid interest for the metal at current levels and may once again test through the figure once the FOMC (Federal Open Market Committee) minutes have been digested in the U.S. today,” said Sam Laughlin, precious-metals dealer with MKS (Switzerland) S.A.

Silver has been trading above its 200-day moving average since last week, Gold may catch up yet.

World Leaders To Meet

President Trump will meet with Chinese President Xi Jinping on Thursday and Friday, a combative meeting would bolster Gold. “The markets are waiting for the conference between the most important leaders in the world … If it does not turn out in a positive way, we might see a weak U.S. dollar and rising Gold price,” said Jiang Shu, chief analyst at Shandong Gold Group.

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